Gulftainer, a privately-owned independent port operator and logistics company based in the UAE, has finalized a 50-year concession with the State of Delaware in the USA to operate and develop the Port of Wilmington.
The agreement, signed by Gulftainer’s subsidiary GT USA, will see an expected investment of up to $600 million in the port to upgrade and expand the terminal and to turn it into one of the largest facilities of its kind on the Eastern Seaboard.
At a public signing ceremony held in Wilmington, Governor John Carney of Delaware signed the agreement with Badr Jafar, Chairman of the Executive Board of Gulftainer, in the presence of Delaware Secretary of State Jeffrey Bullock and other state officials, as well as H.E. Yousef Al Otaiba, the UAE Ambassador to the US and other dignitaries.
Commenting the latest news, Badr Jafar, Chairman of Gulftainer’s Executive Board, said: “We are proud to be making this long-term commitment to the State of Delaware, its community and its economy.
“This landmark agreement builds on Gulftainer’s 43-year track record of delivering excellence and dependability in ports and logistics operations around the world, and we are confident that this public-private partnership will propel the Port of Wilmington towards becoming the principal gateway of the Eastern Seaboard.
“Since Gulftainer’s entry into the US through our operations in Port Canaveral in 2015, we have discovered major untapped potential in this sector and we will continue to look for attractive investment opportunities in the region.”
The port deal represents the largest operation ever run by a UAE company in the United States, as well as the largest investment ever by a private UAE company in the country.